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  • NJ A2511
  • Requires life insurers to use federal death master file to identify potential matches.
Introduced
(2/4/2016)
In Committee
(6/19/2017)
Crossed Over
(6/29/2017)
Passed
(7/31/2017)
Signed
(9/13/2017)
Dead/Failed/Vetoed
2016-2017 Regular Session
This bill requires life insurers to use the federal death master file to identify potential matches of insureds or account holders to confirm deaths and locate beneficiaries. The bill provides that every insurer must request information sufficient to ensure that all benefits or other monies are distributed to the appropriate persons upon the death of the insured or account holder, including, at a minimum, the name, address, social security number, date of birth, and telephone number of every owner, insured and beneficiary of that policy or account, as applicable. In situations in which an insurer issues a policy or provides for an account based on data received directly from an insured's employer, the insurer may obtain the beneficiary information after receiving the data from the insured's employer. The bill requires life insurers to use the federal death master file, or death index, to cross-check every policy and account subject to the bill's provisions no less frequently than quarterly, except as otherwise provided. The cross-checks are to be performed using the social security number, name, and date of birth of the insured or account holder, or, partial information concerning the insured or account holder if necessary. The bill requires insurers to implement reasonable procedures to account for common variations in data that would otherwise preclude an exact match with the death index. Under the bill, when an insurer receives a notification of the death of an insured or account holder, or in the event of a match made by a death index cross-check, the bill requires insurers to search their policies or accounts to determine whether they have any other policies or accounts for the insured or account holder. An insurer that receives a notification of the death of an insured or account holder, or identifies a death index match, shall notify each United States affiliate, parent, or subsidiary, of the notification or verified death index match and take all steps necessary to have each affiliate, parent, subsidiary, or other entity perform the search. An insurer shall establish procedures to reasonably confirm the death of an insured or account holder and begin to locate beneficiaries within 90 days after the identification of a potential match made by a death index cross-check or by a search conducted by the insurer. If the insurer cannot locate beneficiaries within 90 days after the identification of a potential match, then the insurer shall continue to search for beneficiaries until the benefits escheat in accordance with applicable law. Once beneficiaries under a policy or account have been located, the bill requires insurers to provide them the information necessary to make a claim pursuant to the terms of the policy or account. The bill does not prevent an insurer from requiring satisfactory proof of loss for the purpose of verifying the death of an insured. The bill also requires the Commissioner of Banking and Insurance to develop and implement a lost policy finder to assist requestors in locating unclaimed life insurance benefits. The lost policy finder shall be available online and via other means, including, but not limited to, a toll free telephone number. The bill requires the commissioner to forward a lost policy request to all insurers deemed necessary by the commissioner to successfully respond to the consumer's request and to inform the requestor in writing that the request has been received and forwarded to those insurers. The bill requires insurers, upon receiving a request forwarded by the commissioner through a lost policy finder application, to search for policies and any accounts subject to the bill that insure the life of, or are owned by, an individual named as the decedent in the request forwarded by the commissioner. The bill requires every insurer subject to the bill to submit to the Unclaimed Property Administration in the Department of Treasury any information on unclaimed benefits due for the prior calendar year under which any outstanding monies have not been paid or distributed by December 31st of that year, except potential matches still being investigated. A copy of the report must also be filed with the commissioner.
Commerce, 2nd Reading in Assembly to Concur with Senate Amendments, 2nd Reading in the Assembly, 2nd Reading in the Senate, Bills and Joint Resolutions Signed by the Governor, Financial Institutions and Insurance, Passed Assembly, Passed both Houses, Passed Senate
Approved P.L.2017, c.236.  (on 9/13/2017)
 
 

Date Chamber Action Description
9/13/2017 A Approved P.L.2017, c.236.
7/31/2017 A Passed Assembly (Passed Both Houses) (68-0-0)
7/13/2017 A Received in the Assembly, 2nd Reading on Concurrence
6/29/2017 S Passed by the Senate (35-0)
6/29/2017 S Substituted for S2211 (SCS)
6/19/2017 S Reported from Senate Committee with Amendments, 2nd Reading
6/19/2017 Senate Commerce Hearing (19:00 6/19/2017 Meeting moved to Committee Room 10.)
6/19/2017 Senate Commerce Hearing (19:00 6/19/2017 Deleted S-2919 & A-4498 (2R); Added S-711, A-755, S-3206 & A-431)
6/19/2017 Senate Commerce Hearing (19:00 6/19/2017 )
6/16/2016 S Received in the Senate, Referred to Senate Commerce Committee
6/16/2016 A Passed by the Assembly (77-0-0)
6/2/2016 A Reported from Assembly Comm. as a Substitute, 2nd Reading
6/2/2016 Assembly Financial Institutions and Insurance Hearing (10:00 6/2/2016 Committee Room 16, Fourth Floor)
2/4/2016 A Introduced, Referred to Assembly Financial Institutions and Insurance Committee
Date Motion Yea Nay Other
Detail 7/31/2017 Assembly Floor: Concur in Senate Amendments 68 0 11
Detail 6/29/2017 Senate Floor: Third Reading - Final Passage 35 0 5
Detail 6/29/2017 Senate Floor: Substitute For S2211 (Voice Vote) 0 0 0
Detail 6/19/2017 Senate Commerce Committee: Reported with Amendments 4 0 2
Detail 6/16/2016 Assembly Floor: Third Reading - Final Passage 77 0 3
Detail 6/2/2016 Assembly Financial Institutions and Insurance Committee: Reported with Substitution 10 0 3